The Federal Government has done its best to support small to medium businesses as the Australian economy is suffering from a downturn due to the COVID-19 pandemic, between JobKeeper, the Business Cash Flow Boost and the $10K withdrawal from superannuation where people were experiencing hardship due to the downturn.
For those businessses who accessed any of these measures, the ATO is scrutinising some claims where they consider the business to be taking advantage of the economic support measures, to the disadvantage of others in the community.
They are not looking at genuine business owners who are truly experiencing hardship in their business during the time of the COVID pandemic, or who consistently have reported Wages and PAYGW in their BASs before COVID reared its ugly head, and who are truly reporting their financial results. They are looking at business owners who may be deliberately manipulating their financials and payroll, to be eligible for the Cash Flow Boost or JobKeeper, or who withdrew $10K from their super fund, to re-contribute it back into super as a tax deduction, or who took super out, but weren’t really suffering hardship.
If you get a call from the ATO about this, there is no time to waste, as the ATO is not giving people a very long time to respond to them, considering this is a busy time of year for many, even with the effects of the pandemic doing its best to flatten the economy. For our clients, should you get a call from the ATO, please give our Reception a call, on 1300 911 227, so that we can give you a call, to discuss.
